Inflation Rate Jumps To 36.75 Percent In October
Source: Vientiane Times
Laos registered the highest year-on-year inflation rate at 36.75 percent last month, up from 34.05 percent in September with a month-on-month inflation rate of 2.31 percent, according to the latest report from the Lao Statistics Bureau (LSB).
These figures represent a significant increase since the beginning of 2022, with rising prices continuing to inflict hardship on people struggling to earn a living.
The price of food and non-alcoholic beverages has surged by 38.8 percent year-on-year, driven by the rising price of rice and other daily food items such as pork, poultry, fish, seafood, eggs, vegetable oil, fruit and vegetables.
Commercial transport and delivery charges rose by 58.1 percent compared to the previous month, especially for fuel, which was recorded at 95 percent in October, according to the latest LSB update.
The cost of other consumer goods and many other products also rose, including clothing, footwear, construction materials, household items, medical equipment, and medicines.
In Vientiane, the retail price of construction materials, especially all types of cement, underwent a huge increase, which forced some people to suspend the construction or enlargement of their houses.
Not so long ago the price of one tonne of cement was 600,000 kip but it has now risen to more than 1 million kip, while the price of a pair of leather shoes has risen from 300,000-350,000 kip and is now almost 700,000 kip.
The price hikes across all types of products have caused more hardship for the general public, especially those on low wages.
The government is working with its departments and the private sector to minimise the impacts of price rises on people’s living costs and their financial situation in general.